Santikos Sells Off Houston Theaters, Will Focus On San Antonio
San Antonio-based Santikos Entertainment struck a deal with Regal Entertainment Group to sell Santikos' Silverado IMAX and Palladium AVX theaters in the Houston area. Together, the theaters have 41 screens. Regal will own and operate the theaters under new names, and both will remain open during the transition.
Regal also bought a 14-acre tract from Santikos where it had planned to develop a new theater.
Santikos CEO David Holmes said the deal would not negatively affect Santiko's San Antonio operations. Holmes said the deal would allow the company to expand its philanthropic efforts throught the city. In late 2014 John Santikos died and a charitable foundation was established in his name. After his passing, Santikos Entertainment implemented a unique profit-sharing strategy to funnel revenues into San Antonio organizations through the foundation, which is expected to contribute about $40M to local causes this year.
Holmes confirmed Santikos' commitment to San Antonio to the San Antonio Business Journal. “The reality is that we are growing here. That’s what this is about. I would not be a bit surprised for us to announce a brand-new theater in San Antonio this year.”